Investsmart India (IIL) has announced its formal merger with two subsidiaries of IL&FS - IL&FS Merchant Banking Services and DebtonNet India Ltd (DoN).
The merged entity will continue to be called Investsmart India and operate in the areas of investment advisory and broking, merchant banking, project syndication, equity and debt broking and distribution of financial products. The merger will be effective retrospectively from January 1.
Hemang Raja, who is currently president and chief executive officer (CEO) of IIL will be the managing director of the merged entity while Satish Shenoy, who is now chief of the merchant banking outfit, will be the deputy managing director while Ramesh Bawa will take over as the executive director.
The combined entity will have a net worth of Rs 48 crore and a balance sheet size of Rs 90 crore. The shareholding pattern of the company is also expected to undergo a change with the ILFS group increasing its stake in the company to 60 per cent.
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